Deutsche Bank Aktiengesellschaft (NYSE:DB) Q4 2023 Earnings Call Transcript

James von Moltke: And Mate, just a couple of things. I may have just clean up a statement of the market share versus market growth. First of all, the focus there was on origination advisory, and I may have inverted what I meant to say is two-thirds we think comes from market and one-third from market share growth. But again, those are estimates. I guess the one other thing just to point out on your capital question, Slide 17 of the deck, what we tried to indicate is in the last 25% block there of how we would apply the capital is sort of stuff. It is whatever we’re not able to offset of CRR3 through our capital management measures, then either ratio build more distribution would be built into that and also some leeway to pursue bolt-on acquisitions or have the capital impact of bolt-on acquisitions if we find the right opportunities.

We’ve talked in the past what those opportunities typically look like, we’ve been clear that DWS, the asset management business, has been seeking opportunities and we would put capital to work there. We’ve looked at other opportunities over time. But I guess the thing to point to is just we would be disciplined about targeting investment opportunities that are, relatively speaking, capital light and strategically on point, as Numis was with our Global Hausbank strategy.

Mate Nemes: That’s very helpful. Thank you.

James von Moltke: Thank you.

Operator: That was our last question for today, which concludes our Q&A session. I would like to turn the conference back to Ioana for any closing comments.

Ioana Patriniche: Thank you. And thank you for joining us today and for your questions. If you have any further questions, please don’t hesitate to contact the Investor Relations team. And with that, we look forward to speaking to you at our first quarter results.